ADANI’S PLAN TO ACQUIRE STAKE IN SNOWMAN STALLS

MUMBAI: Billionaire Gautam Adani’s plan to take a majority stake in Snowman Logistics Ltd has hit a hurdle after promoters to the cold-chain logistics company said on Monday that a stake sale pact between the two parties is no longer valid. Gateway Distriparks Ltd, which runs various logistics businesses, is the promoter of Snowman Logistics. Adani Logistics Ltd had in last December agreed to buy a 40.25% promoter stake in Snowman Logistics, with an open offer to take additional 26% from shareholders. Adani was to pay ₹296 cr for the promoter share and ₹191 cr for the public shareholding.